• iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

Submit Your Content
Martin Lewis explains how to ensure you get accepted for a mortgage

Home> News> UK News

Updated 14:37 24 Jan 2024 GMTPublished 14:30 24 Jan 2024 GMT

Martin Lewis explains how to ensure you get accepted for a mortgage

The money expert has offered his advice on how to be accepted for a mortgage

Joshua Nair

Joshua Nair

Getting accepted for a mortgage can be extremely difficult for several factors.

But do not fear; money expert Martin Lewis is here to advise you on how to ensure you'll get accepted for a mortgage.

The money-saving expert was on The Martin Lewis Money Show Live on ITV last night, where he also explained what to do if your landlord raises your rent.

Advert

Speaking about mortgage rates and renters' tips with Robert Gardner, the chief economist at Nationwide, Lewis explained that mortgage rates have finally started to fall - which sounds like a positive sign.

After answering questions about what first-time buyers should be, he explained how the mortgage process works.

Martin Lewis has shared advice on how you can ensure to be accepted for mortgages.
Dave Benett/Getty

Martin explained that lenders always conduct credit checks when reviewing applications, so ensure that you have a high score.

But how can you do this?

Advert

Firstly, he says to check your credit report with the three credit agencies, Equifax, Experian, and Transunion, for potential pitfalls.

However, you must be careful while checking this line-by-line to ensure you don't miss any avoidable mistakes.

Lewis said: "I know people who have not got a mortgage because of an old mobile phone that was linked to the wrong address," adding that a case like that could be fraudulent.

I think we've all been there: forgetting to change our address for certain things, so that's easy to miss!

Another key factor is making sure not to complete all payments and pay off your cards every month to show that you can pay large amounts off regularly and on time.

Advert

There are a number of things that you can do to ensure that your credit score stays high.
Getty Stock Photos

Martin also recommends that first-time buyers conduct an 'affordability stress test', which involves adding a rate to see if you could afford a more expensive mortgage than the one you're currently eyeing.

Another important thing is to be more vigilant with your spending in the lead-up to the application because you will need to supply evidence of income, bills and spending habits.

So, it might be best to hold off on Uber Eats and Deliveroo for a bit. I know it's tough, but we'll all have to do it one day.

And finally, he recommends hiring a mortgage broker if you can, especially if you are 'self-employed, live above a shop or have cladding'.

Advert

However, he suggests holding off payment to the broker until the deal has come through.

It's a lot, but why not if it can get you closer to your first home?

Featured Image Credit: Dave Benett/Getty and Getty Stock Images

Topics: Money, Martin Lewis, ITV, Cost of Living, UK News

Joshua Nair
Joshua Nair

Joshua Nair is a journalist at LADbible. Born in Malaysia and raised in Dubai, he has always been interested in writing about a range of subjects, from sports to trending pop culture news. After graduating from Oxford Brookes University with a BA in Media, Journalism and Publishing, he got a job freelance writing for SPORTbible while working in marketing before landing a full-time role at LADbible. Unfortunately, he's unhealthily obsessed with Manchester United, which takes its toll on his mental and physical health. Daily.

X

@joshnair10

Advert

Advert

Advert

  • Martin Lewis explains how you can save £1k a year on 'forgotten' bill
  • Martin Lewis shares easy hack to get £200 for free before Christmas
  • Martin Lewis explains how you can book £5 flights to Europe's most stunning destinations
  • Martin Lewis explains why credit scores 'aren't real' and how to actually be accepted for loans

Choose your content:

2 mins ago
20 mins ago
11 hours ago
  • 2 mins ago

    Male escort ‘The Punisher’ alleges details of ‘freak off’ party at Trump Tower with Diddy and Cassie in trial testimony

    Sharay Hayes testified in court on Tuesday and alleged details of Diddy's freak-off parties

    News
  • 20 mins ago

    Disturbing internet search history of woman accused of killing ex-husband's family with 'death mushrooms' in meal

    Erin Patterson has been accused of killing three people by allegedly serving them poisonous mushrooms

    News
  • 11 hours ago

    Number one ethical hacker shares 'super disturbing incident' that led him to fight against criminal activity online

    Ryan Montgomery explained he was left 'sick to his stomach' after the 2020 incident, prompting him to start taking down cyber criminals

    News
  • 11 hours ago

    Scientists attached GoPro to group of polar bears and were left incredibly alarmed at what they found

    A research team wanted to monitor the endangered species

    News